Sanctions and Anti-Money Laundering Bill [HL]

Explanatory Notes

Financial implications of the Bill

186 The direct costs of the Sanctions and Anti-Money Laundering Bill are expected to be negligible. This is because the Bill does not create new policy, but ensures that the UK has the necessary domestic legal powers after leaving the EU to continue to meet its international obligations, use sanctions as a national security and foreign policy tool, and tackle money laundering and terrorist financing.

187 As the powers being created enable regulations to be made in UK law that reflect those already put in place by the EU, it is not anticipated that significant costs to business, apart from some familiarisation costs (including reading new guidance etc.) will arise. The anticipated "Net costs to business per year" and the "Total Net Present Value" are both less than £1 million.

188 These considerations are summarised in the accompanying impact assessment for this Bill.